1.1 Business enterprise and entrepeneurship Flashcards
1
Q
what are three ways business ideas come about?
A
changes in: technology,what customers want and obsolescence.
2
Q
How do new business ideas come about?
A
original ideas, adapting existing products.
3
Q
What are traits of an entrepreneur?
A
hard working,risk taker,manage resources,make decisions,persuasive and delegater.
4
Q
what are ways to add value?
A
convenience,branding,quality,
design,USP
5
Q
What are risks and rewards Businesses face?
A
pros=business success,profit,independence
cons=business failure,loss of finance,lack of security
6
Q
What is the purpose of a business?
A
to produce goods and services,to meet cutomer needs and to add value
